India moving away from cryptocurrency ban and not following it: Ajeet Khurana
No one in crypto wants crypto to be legal. It is very interesting that the regulators talk about this, but the people of Krypt do not even ask such a question. What happened with MICA, which came to the European Union about two weeks ago, is that there will obviously be more acceptance of regulation,” Ajeet Khurana, a bitcoin expert, told Reflex.
The crypto industry is going through many changes. The Association for Crypto Assets was recently disbanded; we don’t know if there is anything new. Many policy decisions are starting to have an impact on trading volumes. Do you think what the finance minister said in parliament yesterday made it clear that a ban is still on the table if there is a global consensus?
I think if there was a global consensus it could be banned. Technology cannot be banned, but regulation can lead to bans. But that seems impossible because most open economies have a better environment and therefore a ban in other countries is out of the question. The explanation that has actually come is that India will not take a unilateral stand and so we will move away from the ban and not into it.
What an impact as the Indian government has made two things clear the RBI wants to ban cryptocurrencies and they are in no rush. This allows the entire ecosystem to flourish on budget. But the 30% tax is reduced. What is the current situation?
If we ignore the movement of the market price and focus only on the regulatory point of view, the current situation seems rather ugly to us, especially since the government is in no mood to give up anytime soon. that the government will require everyone in the field – exchanges and investors alike – to disclose their activities in some form of income tax or other performance.
Going forward, what is the status of activities up to these crypto exchanges? The global slump in cryptocurrencies is also a big factor. Are we seeing a lot of investors trying to get out, and are they less likely to get in?
It seems like we’ve been on the road for the last month and a half. There was a big crash about two months ago. The market capitalization of the world’s largest player in the field of cryptocurrencies, Coinbase, has fallen to roughly less than four. So far, we’ve seen exchanges that are expanding very quickly have experienced around a 90% drop in revenue. They have to start cutting and I don’t think so
The future of cryptocurrencies still hangs in the balance, but the finance minister spoke of a global consensus. It’s no closer to being found today than it was a year or two ago. What does this mean in reality?
In fact, it looks like a nice fig leaf that allows the government not to take bad action and say it is ready for it, but the world is not ready for it. We, therefore, want to go where the rest of the world is going, that is also my recommendation.
Where is the whole world now? Everything has no cryptocurrencies. There seems to be no rush for new countries to accept crypto payments. The basic question remains what is the underlying asset. So nothing is clear in the whole world? No one in crypto is demanding that crypto be legal. It is very interesting that regulators talk about this, but crypto people do not even ask such a question. What happened to MICA which only came to the European Union Where is the whole world going now? Everything is outside of cryptocurrency. There seems to be no rush for new countries to accept cryptocurrency payments. The basic question remains what is the underlying asset. So nothing is clear in the whole world?
No one in crypto is demanding that crypto be legal. It is very interesting that regulators talk about this, but crypto people do not even ask such a question. What has happened with the arrival of MICA in the European Union just two weeks ago is that the regulation is being accepted more, for reasons of clarity. Regulation, favorable or unfavorable, must be clear, and this is happening all over the world.